Can someone fill me in on Auction.com? Especially commercial?
How to bid
Realistic expectations, etc.
And can you find out what the property sold for?
Is it worth looking at?
Thanks for any input!
In my area they seem to operate a couple of different ways. They have online auctions, but they will also come to the courthouse. Mostly though, they have a low beginning price listed, and the reserve never gets met. The auction ends, and then it comes back up again and sometimes again at a later date. Some of them, have had an actual realtor and MLS listing before and after this online auction. I have seen a couple of properties sell through them in my area, but most of them seem not to sell at the online auction.
I still think its worth looking at. I haven't seen any commercial stuff of theirs in my area.
As for what they are sold for. Most of the time they cover the sellers transfer tax, because they can. and therefore you can not find out what is sold for.
The best you can do, is find out what is the loan amount.
but here is the deal when they make an statement as who how many millions of dollars in Real Estate commercial they closed. I am sure there is a list to tell you what that particular property sold for.
They are very creative and sophisticated as to the way they operate to get the best value for their clients. I am sure you as a seller would expect that too.
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